Your results
- The debt of £1 was due on 28/Feb/2024 and is now 30 days overdue.
- You are entitled to charge £0.01 in interest under the Late Payment of Commercial Debts [Interest] Act 1998 as amended and supplemented by the Late Payment of Commercial Debts Regulations 2002.
Calculation details
- Date payment became overdue: 28/Feb/2024
- Invoice value: £1
- Reference rate for interest (on 28/Feb/2024): 0.1%.
- Statutory interest rate: 8.1% (0.1% base rate plus 8%)
- Debt: £1.
- Annual interest: £1 x 8.1% = £0.08 .
- Daily interest: £0.08 / 365 = £0 .
- Days overdue: 30.
- Interest due: £0.01.